SBI announce sale of two resorts

State Bank of India (SBI) announced the selling of two resorts in Maldives. 

As per SBI, the two resorts are  Zitahli Dholhiyadhoo Resort in Shaviyani Atoll and Gasvelidhoo Resort in Noonu Atoll. 

Dholhiyadhoo Resort, which was previously a 100-bed resort and is priced at USD 33 million. This is the second time SBI has been trying to see the resort. 

In 2019, the resort was initially announced for sale priced at USD 42 million, after Civil Court granted permission to sell in 2015. 

SBI was granted permission to sell after Dholhiyadhoo Investment failed to pay back a loan taken from the bank. The total along with interest amounts to USD 11 million.  

Meanwhile, the sale price of Gasvelidhoo is USD 17 million.

Gasvelidhoo sale was approved after failure to pay back a USD 35 loan by an individual that was backed by Alfa Kinam Holdings Pvt Ltd among others. 

SBI has now officially opened interested parties to submit their proposals for the sale of these two resorts. The bank also noted that those who submit bids need to pay a bid deposit of USD 1,5000. The deadline for submission is February 1.